Show the effect of the following transactions upon the Accounting Equation?
June 2020
1
Mr. Salman started business with cash ` 80,000, Inventory ` 50,000 &
Machinery ` 5,000.
5
Purchased furniture for cash `4,000 and purchased goods from Naveed
store of `25,000.
8 Sold goods to Rashid on credit basis for ` 8,000, costing ` 6,500.
12 Open a bank account and deposited ` 40,000.
18 Sold goods for cash ` 15,000, which is 20% above cost.
24 Received ` 7,800 from Rashid in full settlement for June 8th transaction.
29 Paid ` 24,700 to Naveed store in full settlement for June 5th transaction by
bank.
30 Paid rent and salaries for the month ` 4,000 and wages outstanding for
month `1,000.
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